As we grow older, our brains go through subtle changes that alter how we think. More often than not, we don’t notice that our thinking has been affected. It’s difficult to distinguish a new pattern of thinking when it is, in fact, just our way of thinking.

For hundreds of millions of seniors worldwide, this change does not come without consequences. Scammers, most often working through the phone, call millions of numbers a day in the hope of reaching an elderly person with a high level of savings.

Then, using fear of technology or family, they convince their victims to send money in the form of gift cards, wire transfers or other monetary instruments. If and when the scammer is identified, they disappear with their ill-gotten gains. Our parents and grandparents are then left holding the bag; the gift cards and money transfers were legal in that they initiated them, often by their own free will.

The money is gone forever.

It is more important than ever to discuss financial security with the older family and friends in your life. Here are a few talking points you can use to get started:

• Let them know that you care for them and this discussion is out of love.
• Tell them that if anyone ever calls them and requests money, gift cards or any other type of transfer over the phone, they should take a message and contact you with the details.
• Scammers will often try to prey on the elderly by stating a family member is in trouble, a computer is broken or that there will be a dire consequence if they fail to pay quickly. Again, they should take a message, hang up and reach out to you.
• Assure them that you will help them verify the identity of the caller and ensure their money is safe.

For more information, check out the NPR series “Brains and Losses.” This collection of articles and podcasts will help you understand the severity of the threat to your loved ones.

NPR also has a fantastic list of resources for you to use. Click here for more information.

Above all, we at Consumers Credit Union want your family to be safe, physically and financially. If you have any questions about these scams or elder abuse, please stop by an office or call us at 1-800-991-2221.

 

Federally insured by the NCUA.